NMBZ secures US$72m offshore funding

NMBZ secures US$72m offshore funding

STAFF WRITER

Financial services group, NMBZ Holdings Limited, has obtained credit lines totalling more than US$72m in the past five years for the purpose of on-lending to exporters, an executive with the lender has said.

Group CEO, Gerald Gore said NMBZ was taking advantage of its strong ties with influential foreign investors.

“We have accessed over US$72.5m in credit lines in the past five years,” Gore said.

He spoke after the lender signed US$15m Trade Finance Transaction Guarantee Facility with AfDB last week.

The deal is meant to benefit local companies, particularly the SMEs.

Gore underlined the significance of the AfDB and NMB bank deal for Zimbabwe’s trade and economic growth.

“This facility will be instrumental in enabling NMB to provide crucial trade finance support to a wider range of Zimbabwean businesses. This will not only unlock new trade opportunities but also contribute to job creation and economic growth,” Gore said.

“This agreement aligns perfectly with AfDB’s broader trade finance programme objectives, with a specific focus on supporting the vital role of SMEs in Africa’s economic development as SMEs often face challenges in accessing trade finance compared to their larger counterparts.”

AfDB Country Manager Moono Mupotola was enthusiastic about the partnership.

“This is a significant step forward in supporting the growth and competitiveness of Zimbabwean businesses. By mitigating risk and facilitating access to trade finance, we are empowering SMEs and local corporates to participate more actively in regional and international trade.”